My gosh, where do I start! Ok first of all, I came here to write a review about my experience with the company and already upon just looking them up on the BBB, D- rating with 95% negative reviews!!!
That should already tell any potential customers to stay clear of this crooked bank..but in case it doesn't, let me share my experience. Towards the end of 2013, I was having a bit of financial trouble. The car I had financed through Carmax was becoming too expensive for me to keep due to a change in living arrangements. Following the recommendation of a trusted family member, I surrendered my car and got a $6,000 personal loan through my bank at the time, Wells Fargo.
I used that loan to then purchase another car and the payments were much more affordable. So far so good. Shortly thereafter, another family member of mine ran into some big trouble and needed a helping hand. I helped out in the best way that I could, but unfortunately, it made me late on my payments but not by more than a few days.
I called Wells Fargo to see if there was some way they could work with me and defer just one of my payments and perhaps move it to the end of my payment schedule, so, for example, instead of my last payment being scheduled to be September 2016, it would have been October 2016. No big deal, right? Companies do that all the time. After being on the phone during my break at work for 15, 20 minutes, I am told that because this was not an "un-forseen circumstance" by THEIR definition, that they wouldn't approve me for ANY type of payment arrangement!!
Now here's my thing..any other business that truly wants to collect their money and not just *** over, will grant you a payment arrangement. It may be a one time offered thing and they will warn that if you use it now, it won't be available later but at the very least, they let YOU decide when you need that feature because at the end of the day, if you don't have the money, YOU DON'T HAVE THE MONEY, regardless of how the circumstance came about. In other words, even if it was due to poor budgeting or other financial choices, the borrower should still have the right to decide when to take advantage of that feature. But back to the review, here's where it all began to go to ***.
My payments were exactly $195.88 a month normally. THERE IS NO GRACE PERIOD! If I missed my payment because I was busy running errands, working etc and forgot and missed it by just one day? $190 late fee!!!
What the actual ***?! Excuse my language here but how in the *** is that even legal?? So now, I'm behind basically 2 payments for missing my due date by just a few days. I thought that borrowing from a bank was supposed to protect a person from loan shark behavior but I've purchased cars with terrible credit (because of Wells Fargo) at the highest legally chargeable interest rate of 26% and even with those companies that you expect to rob you and be out to get you, I was granted a 10 DAY GRACE PERIOD.
Not only that, even if I still didn't pay the amount owed within that time, I wasn't assessed ANY late charges until the payments lapsed which they never did so of the times that I've been late paying them, I've never owed late fees. But Wells Fargo? A big brand name company? That only charged 7% interest on a $6,000 loan?
Miss one day and boom you're paying a whole other payment in late fees. There were a few months that because of uncontrollable circumstances, and their ridiculous late fees, I was unable to pay them at all and of course they still refused a payment plan. I called in to complain about how crooked that was and how I don't have any other issues with any other company I owe or ever have owed money to EXCEPT these guys and instead of my voice being heard and them deciding to finally execute decent business practices, the very next day they DRAFTED MY ACCOUNT WITHOUT MY CONSENT in an amount exceeding twice the normal monthly payment! As you can imagine this put me behind on other bills now and my credit score is just continuing to tank.
I went from a 725 pre-loan to now 520. And they've done that to me at least twice, the second time was in excess of $500...which was more than half my paycheck..THANK GOD it wasn't my rent check! It did put me behind on my current car note that I am paying on to Lobel Financial (which by the way, I've had 0 problems from them) so I called them and explained what happened and they were understanding and informed me that I had the 10 day grace period and even then, late charges aren't assessed until the next billing date comes around the previous bill still hasn't been paid. After Wells Fargo pulled that ***, I withdrew the rest of my money, cancelled my direct deposit and ceased to put anymore money into my checking account, as well as withdrew all my savings!
I made sure these crooks weren't gonna rob me again. After I got paid the next time, a couple days before my car note lapsed, instead of paying one car note payment to them to get caught up and a payment to Wells Fargo, I said *** those guys and paid a double car payment to get that caught back up and make sure it wouldn't fall late again. I just recently finished paying off all the money I owed to Wells Fargo and by the time it was all said and done, I've EASILY paid OVER $1,500 ADDITIONAL DOLLARS IN LATE FEES!!! *** RIDICULOUS!
I never had a problem with this bank until borrowing from them but now that I see how they operate, they don't deserve ANY sort of business from me, including holding my money. I've since closed the account and have turned my sights towards a credit union to hold my money and do business with, Wells Fargo has put a bad taste in my mouth for banks period and I would urge any and all people looking for a bank to steer clear of this one! it's 95% negative reviews for a reason!! *** this crooked *** bank, I wouldn't recommend my worst enemy to bank or do business with them and I'd be more than happy to see them go out of business due to a lack of customers and even happier to know that the lack thereof came from them reading my review.
Do yourself a favor and just say no.
Besides, Chase has way better checking and savings accounts benefits anyway and Bank of America allows you to withdraw amounts in more than just $20 dollar increments. There's really no reason to bank with these guys so I urge you one last time, please stay away or you're very likely to wind up regretting it.
Product or Service Mentioned: Wells Fargo Auto Loan.
Reason of review: Problems with payment.